Cubist Systematic Strategies LLC Has $3.68 Million Stock Holdings in Hess Midstream LP (NYSE:HESM)

Cubist Systematic Strategies LLC boosted its holdings in shares of Hess Midstream LP (NYSE:HESM) by 600.9% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 100,884 shares of the company’s stock after purchasing an additional 86,490 shares during the quarter. Cubist Systematic Strategies LLC’s holdings in Hess Midstream were worth $3,676,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Tortoise Capital Advisors L.L.C. boosted its position in shares of Hess Midstream by 12.4% in the second quarter. Tortoise Capital Advisors L.L.C. now owns 7,428,262 shares of the company’s stock valued at $270,686,000 after acquiring an additional 822,311 shares during the period. Goldman Sachs Group Inc. boosted its holdings in Hess Midstream by 2.2% in the 4th quarter. Goldman Sachs Group Inc. now owns 3,431,870 shares of the company’s stock valued at $108,550,000 after purchasing an additional 72,548 shares during the period. TD Asset Management Inc grew its position in Hess Midstream by 10.4% in the 2nd quarter. TD Asset Management Inc now owns 3,431,555 shares of the company’s stock worth $125,046,000 after purchasing an additional 322,479 shares during the last quarter. Epoch Investment Partners Inc. increased its holdings in shares of Hess Midstream by 23.5% during the 2nd quarter. Epoch Investment Partners Inc. now owns 2,953,324 shares of the company’s stock worth $107,619,000 after purchasing an additional 562,688 shares during the period. Finally, Westwood Holdings Group Inc. raised its position in shares of Hess Midstream by 126.8% during the second quarter. Westwood Holdings Group Inc. now owns 1,936,522 shares of the company’s stock valued at $70,567,000 after buying an additional 1,082,840 shares during the last quarter. Institutional investors and hedge funds own 92.41% of the company’s stock.

Hess Midstream Stock Performance

NYSE:HESM opened at $35.19 on Friday. The firm has a market capitalization of $7.87 billion, a PE ratio of 15.92 and a beta of 1.52. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 8.55. Hess Midstream LP has a 12-month low of $27.57 and a 12-month high of $39.11. The firm has a 50-day moving average price of $36.43 and a 200 day moving average price of $35.97.

Hess Midstream (NYSE:HESM) last issued its earnings results on Wednesday, July 31st. The company reported $0.59 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.54 by $0.05. The business had revenue of $365.50 million during the quarter, compared to analysts’ expectations of $365.16 million. Hess Midstream had a return on equity of 41.91% and a net margin of 11.59%. Hess Midstream’s quarterly revenue was up 12.8% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.50 EPS. Research analysts anticipate that Hess Midstream LP will post 2.36 earnings per share for the current fiscal year.

Hess Midstream Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, August 14th. Stockholders of record on Thursday, August 8th were paid a $0.6677 dividend. This represents a $2.67 annualized dividend and a dividend yield of 7.59%. The ex-dividend date of this dividend was Thursday, August 8th. This is an increase from Hess Midstream’s previous quarterly dividend of $0.65. Hess Midstream’s payout ratio is currently 120.81%.

Insider Transactions at Hess Midstream

In related news, Director Infrastructure Investor Global sold 12,650,000 shares of Hess Midstream stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $35.12, for a total transaction of $444,268,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on HESM. JPMorgan Chase & Co. lifted their target price on Hess Midstream from $38.00 to $39.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 21st. UBS Group boosted their price objective on Hess Midstream from $38.00 to $40.00 and gave the company a “buy” rating in a research report on Wednesday, July 3rd. Two investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $37.20.

Hess Midstream Profile

Hess Midstream LP owns, develops, operates, and acquires midstream assets and provide fee-based services to Hess and third-party customers in the United States. It operates through three segments: Gathering; Processing and Storage; and Terminaling and Export. The Gathering segment owns natural gas gathering and compression systems; crude oil gathering systems; and produced water gathering and disposal facilities.